$20,000 Loan With FICO 600 – Lorain Ohio

This applicant is looking for a $20,000 Loan. She has a FICO score of 600 and lives in Lorain Ohio. She has a good job working for a local pharmacy, with the opportunity to make additional income when she needs it through overtime at the pharmacy. They are apparently very busy and routinely need to work additional hours to meet all of their customers’ needs. She has a fair FICO score credit rating and is wondering why it is not higher given that she has no other loans and pays her credit card balances in full every month. She is applying for a personal loan so that she can purchase a car that is being offered to her through a friend who is moving out of the country and must sell their vehicle.

Regarding the FICO score and how it is determined, there are a number of factors that contribute to a person’s credit rating. A FICO score is determined by a person’s payment history, the amount of debt they owe, the length of time they have had a credit rating, the amount of new credit that is being applied for in a short amount of time and the kind of credit they use. It is important to always pay all of your payments on time and to keep the amount of debt that you owe to a minimum. However if you have not had a credit rating for very long, then you have little history to demonstrate that you can and will make your payments on time and if you have not had any significant amount of debt, then your credit rating will also be low due to the lack of history.

Regarding this client’s medium score, we would need to know more details about her history in order to provide specific reasons why her credit is where it is. She may not have been working very long , she rents and does not have a mortgage and she apparently only has credit card debt. These factors, while admirable,  do not contribute to a high FICO score, nor do they contribute to a bad FICO score. This is most likely why she has a medium score.

Personal Loan Amount :: $20,000

Home Loan Application and Processing Speed (when do you need the funds):: within the next couple of weeks, as long as it is before the end of the month

Do you currently have a mortgage? :: no

Bank Name and Branch :: Lorain National Bank, Broadway branch

What City/Town, State and County do you live in? :: Lorain, Ohio

Zip :: 44052

What is your employment field? :: Medical technician for a local pharmacy

Employment Position :: Medical Technician

When are you paid? (monthly/weekly/biweekly):: bi weekly

Your credit rating to be – excellent, fair, or bad? ::  Fair

How did you find us? :: searching for companies that offer  personal loans

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $ 1800

Do you agree to have this information published online, without your PRIVATE information of course? :: sure

Extra information here please (some detail)::

I am looking for a lending company who will approve a loan of $20,000 as a personal loan. I have a FICO score of 600, which is about the median level from what I can understand. If you can provide some information on how FICO scores are calculated, and how this affects my approval for a loan, I would appreciate it.

I work for a pharmacy in Lorain, Ohio. I am not a pharmacist; however I work as a technician assisting the pharmacist in the preparation of customer’s orders and prescriptions. I take their prescriptions, verify them, enter them into the computer system and prepare the initial paperwork for the pharmacist. We are extremely busy and I often work overtime hours to keep up with the work. The income level I provided in this application is based on my standard salary for a regular week with no overtime income included. I can work as much as I want so I am confident that I can not only meet the payments of this loan, but also repay the loan in less than the term specified for the loan.

Note to Lender ::

The loan should be for a five year term, however I am open to other terms and conditions depending on what the interest rates are and how competitive the rates are. The personal loan is going to be used to purchase a used car from a friend of mine and also new snow tires for the car. This is a really good deal since the car is less than one year old and it sold for over $30k when it was new. The current owner is being transferred out of the country and has offered this deal to me.

I was planning on purchasing a car anyway so this is the right deal for me. I have no other loans. I rent an apartment and pay my credit card balances in full every month without fail. I feel that I should have an excellent credit rating, much better than 600, but then perhaps I do not understand how the FICO score is calculated.